NRO Account, NRO Account India – IDBI Bank NRO Account

Current / Savings / Term Deposits / Recurring Deposits accounts can be opened under this scheme. NRIs /PIOs can deposit their legitimate dues in India including current income such as rent, dividend, pension etc., sale proceeds of assets including immovable property acquired out of rupee/foreign currency funds or by way of legacy/inheritance and rupee gift/loan from a resident individual in NRO accounts. Proceeds of remittance from outside India and foreign currency tendered by the account holder in India can also be deposited in NRO account.

Interest income from a NRO account is liable to tax under the provisions of Income Tax Act in India. However, reduced tax benefit can be availed under Double Taxation Avoidance Agreement (DTAA).

An NRI/PIO may remit an amount up to USD 1 million per financial year out of the balances held in NRO Account for all bonafide purposes and subject to Reserve Bank of India guidelines in force for remittance of assets by NRI/PIO.

An NRI/PIO may also transfer from NRO account to NRE account within the overall ceiling of USD 1 million per financial year subject to payment of tax, as applicable.

Non-Resident Ordinary (NRO) Rupee Savings Account Features

If you are having any Indian income, our NRO Savings account is the right product for you.

Interest is offered at 4% p.a. calculated on daily balance maintained in the account

Joint Account can be opened with NRIs and Resident Indians

Domestic Debit-cum-ATM Card

Internet Banking facility

Mandate facility to enable your family member to operate your account on your behalf.